The seller, a consortium led by South African private equity house Ethos Private Equity, purchased Waco for €261m in 2000. It sold non-core assets before acquiring businesses in the UK and New Zealand.

JP Morgan Partners already owns US-based scaffolding company, Brand Services. Brand is the market leader in both the US and Canada, following its acquisition of Canada's Aluma in 2005.

A spokeswoman for JP Morgan Partners confirmed that it had no plans to amalgamate its scaffolding businesses, and hoped to use its expertise in the field to continue Waco's growth. The company's three core markets are Australasia, southern Africa and the UK.

Waco had planned to float last year, but abandoned its €499m listing on the Johannesburg Stock Exchange following interest from potential buyers.